The Fitness Studio, Inc., with the help of its investment bank, recently issued 1.7 million shares of new stock. The offer price on the stock was $22.00 per share and The Fitness Studio received a total of $35,156,000 through this stock offering.

Calculate the net proceeds per share and the underwriter's spread per share on the stock offering. (Round your answers to 3 decimal places.)

Net proceeds$_____ per share

Underwriter's spread$_____ per share

What percentage of the gross price is the investment bank charging The Fitness Studio for underwriting the stock issue?

Percent underwriting spread_______ %